SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C. 20549

                               FORM 8-K

                            CURRENT REPORT
                 PURSUANT TO SECTION 13 OR 15(d) OF THE

                     SECURITIES EXCHANGE ACT OF 1934

                              August 24, 2000
                             (Date of Report)

                          VIS GROUP HOLDINGS, INC.
          (Exact name of Registrant as Specified In Its Charter)


  DELAWARE                         1-13315                       11-3347585
 (State of Incorporation)   (Commission File Number)         (I.R.S. Employer
                                                             Identification No.)



                    900 Old Country Road, Garden City, New York 11530
                     (Address of Principal Executive Offices)
                                   (Zip Code)

                               (516) 222-3000
             Registrant's telephone number, including area code:






    ITEM 1.       CHANGES IN CONTROL OF REGISTRANT.

                  Not applicable

    ITEM 2.       ACQUISITION OR DISPOSITION OF ASSETS.

                  On August 9, 2000, Avis Group Holdings,  Inc. ("Avis") and BNP
                  Paribas  ("BNP"),  the largest listed banking group in France,
                  established  a joint  venture  company in the United  Kingdom,
                  Arval PHH Holdings  into which Avis  contributed  the stock of
                  its  vehicle   lease,   vehicle   management   and  fuel  card
                  subsidiaries in Europe under the PHH name ("PHH  Europe").  As
                  part of the  negotiated  transaction,  Avis  received from BNP
                  $800  million  in  cash  plus   settlement  of   inter-company
                  indebtedness owned to Avis by PHH Europe and a 20% interest in
                  the  venture.  In  return,  BNP  received  an 80%  controlling
                  interest in the venture  company,  which within one year, will
                  merge with Arval Service Lease,  the vehicle lease and vehicle
                  management  subsidiary  of  BNP  which  operates  in  thirteen
                  countries in Europe.

    ITEM 3.       BANKRUPTCY OR RECEIVERSHIP.

                  Not applicable

    ITEM 4.       CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.

                  Not applicable

    ITEM 5.       OTHER EVENTS.

                  Not applicable

     ITEM 6.      RESIGNATIONS OF REGISTRANT'S DIRECTORS.

                  Not applicable

     ITEM 7.      FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
                  EXHIBITS.

                  Reference is made to the News Release of Avis Group  Holdings,
                  Inc.  and  the  unaudited  pro  forma  consolidated  financial
                  statements  filed as Exhibits  hereto,  which  information  is
                  incorporated herein by reference.

     ITEM 8.      CHANGE IN FISCAL YEAR.

                  Not applicable



                                                                      SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     Registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned hereunto duly authorized.

                                        AVIS GROUP HOLDINGS, INC.
                                       (Registrant)

     Date:  August 24, 2000             By:  /s/ Kevin M. Sheehan
                                                 --------------------
                                                 Kevin M. Sheehan

                                        President-Corporate and Business Affairs
                                        and Chief Financial Officer

                                       (principal financial officer)







                                                          EXHIBIT INDEX   ITEM 7

     7a) News Release of Avis Group Holdings, Inc. dated August 10, 2000.

     7b) Unaudited pro forma consoldiated financial statements






                                                             ITEM 7:  Exhibit 7a

CONTACTS:

Elizabeth Logler - Investor Relations

516-222-4795

Gregory Faulhaber - Media Relations

516-222-3876

AVIS GROUP CLOSES JV TRANSACTION; RETIRES $1 BILLION TERM DEBT; AND ANNOUNCES
STOCK REPURCHASE PROGRAM


GARDEN CITY,  NEW YORK,  AUGUST 9, 2000-Avis  Group  Holdings,  Inc.  (NYSE:AVI)
announced  today the  following  major  initiatives  that reflect the  Company's
continued effort to build value for its shareholders:

o        Avis  Group   received   $800  million  in  cash  plus   settlement  of
         inter-company  indebtedness  from  the  closing  of its  joint  venture
         transaction  with BNP  Paribas.  Avis  will  retain a 20%  stake in the
         global alliance, creating one of the world's leading vehicle management
         solutions brands in North America and Europe.

o        With the proceeds  from its accretive  alliance with BNP Paribas,  Avis
         Group has retired all of the Company's  outstanding  term debt that was
         borrowed to fund the original VMS  transaction.  The elimination of the
         $1 billion  term debt  dramatically  improves the  Company's  financial
         leverage and  minimizes  its  exposure to interest  rate  changes.  The
         remaining non-fleet obligations will consist of the $500 million senior
         subordinated  notes,  $380 million  preferred  stock and the  Company's
         revolving credit facility.

o        Avis  Group's  Board  of  Directors  has   authorized  the  Company  to
         repurchase up to $100 million of its common stock. Currently, there are
         31.3 million  shares of Avis Group issued and  outstanding.  This share
         repurchase  initiative  will be  funded  with  ongoing  cash  flow from
         operations.  The timing and amount of share repurchases will be subject
         to market and business conditions.

Avis Group Holdings,  Inc. is one of the world's leading service and information
providers of  comprehensive  automotive  transportation  and vehicle  management
solutions.  Avis  Group  operates  the  second  largest  general-use  car rental
business in the world, with locations in the United States,  Canada,  Australia,
New  Zealand  and the Latin  American  Caribbean  region.  In 1999,  the Company
acquired PHH Vehicle  Management  Services,  the world's  second  largest  fleet
management  and  leasing  company,  together  with Wright  Express,  the world's
largest fleet card provider.

This press release  contains  statements  related to future  results,  which are
forward-looking  statements that are made pursuant to the Safe Harbor Provisions
of  the  Private  Securities  Litigation  Reform  Act of  1995.  Forward-looking
statements involve risks and uncertainties,  including the impact of competitive
products  and pricing,  changing  market  conditions;  and other risks which are
detailed from time to time in the Company's publicly-filed documents,  including
its Annual  Report on Form 10-K for the period ended  December 31, 1999.  Actual
results  may differ  materially  from  those  projected.  These  forward-looking
statements represent the Company's judgments as of the date of this release.



                                                              ITEM 7: EXHIBIT 7b

AVIS GROUP HOLDINGS, INC.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

    The following  unaudited pro forma  consolidated  financial  statements (the
"Unaudited Pro Forma  Consolidated  Financial  Statements") have been derived by
the  application  of  pro  forma  adjustments  to  the  historical  consolidated
financial  statements of Avis Group Holdings,  Inc. ("Avis").  The unaudited pro
forma consolidated  statements of operations for the six month period ended June
30, 2000 and for the year ended December 31, 1999,  give effect to the formation
of the U.K. Joint Venture (as described  below) as if it had occurred on January
1, 2000 for the six months  ended June 30, 2000 and June 30,  1999,  the date of
the acquisition of the VMS  Acquisition  (described  below),  for the year ended
December 31, 1999. The unaudited pro forma statement of financial position as of
June 30, 2000 gives  effect to this  transaction  as if it had  occurred on such
date. The pro forma  adjustments are described in the  accompanying  note to the
Unaudited Pro Forma Consolidated Financial Statements.

The Unaudited Pro Forma Consolidated Financial Statements give effect to:

o   The contribution of all the stock of PHH Holdings Ltd. and assets of PHH
    Deutschland to the newly formed Arval PHH Holdings(the "U.K. Joint
    Venture").  Avis originally purchased PHH Holdings Ltd. and PHH Deutschland
   (collectively  "PHH  Europe"),  PHH North  America  and  Wright  Express  LLC
   ("WEX"), on June 30, 1999(the "VMS Acquisition").

o   The receipt of $800 million from Banque National de Paris ("BNP Paribas") on
    August 9, 2000 for an 80 percent interest in the U.K. Joint Venture.

o   The repayment to Avis of intercompany indebtedness, from the U.K. Joint
    Venture.
o   The receipt of a annual license fee from the U. K. Joint Venture for the
    license of the PHH fleet management technology, PHH interactive.
o  The  receipt  of a  distribution  from  the  U.K.  Joint  Venture,  and
o  Theutilization of the above proceeds to reduce Avis' indebtedness and
   pay transaction costs.

Collectively,  the above  transactions are referred to as the  Transaction.  Any
difference  between the  carrying  value of the net assets of PHH Europe and the
receipt of $800 million in cash plus  settlement  of  intercompany  indebtedness
from BNP  Pairbas is  accounted  for as an  adjustment  to cost in excess of net
assets acquired relating to the VMS Acquisition.

    The  Company  believes  that  the  accounting  used  to  reflect  the  above
transactions provides a reasonable basis on which to present these Unaudited Pro
Forma Consolidated Financial Statements. The pro forma consolidated statement of
financial  position and pro forma  consolidated  statements  of  operations  are
unaudited and were derived by adjusting the historical  financial  statements of
Avis. The Unaudited Pro Forma Consolidated Financial Statements are provided for
informational  purposes only and should not be construed to be indicative of the
Company's  consolidated  financial  position  or results of  operations  had the
Transaction  been  consummated  on the  dates  assumed  and do not  project  the
Company's  consolidated  financial  position  or results of  operations  for any
future date or period. The Unaudited Pro Forma Consolidated Financial Statements
and accompanying  notes should be read in conjunction with the Company's audited
annual report and the notes thereto,  included in the Company's Annual Report on
Form 10-K for the year ended  December 31, 1999,  quarterly  reports as of March
31, and June 30,  2000 and the current  report on Form 8-K,  dated July 14, 2000
filed with the Securities and Exchange Commission.



AVIS GROUP HOLDINGS, INC.
UNAUDITED PRO FORMA STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2000
(In thousands)





                                                                     Historical                              Pro Forma
                                                                     Avis Group                              Avis Group
                                                                   Holdings, Inc.      Pro Forma           Holdings, Inc.
                                                                   June 30, 2000      Adjustments          June 30, 2000
                                                                  -----------------  ---------------      -----------------
                                                                                                 
      ASSETS
      Cash and cash equivalents..............................     $     151,114      $     (66,946) (1)   $      84,168
      Cash held on deposit with financial institution........           143,610                                 143,610
      Restricted cash........................................           243,952                                 243,952
      Accounts receivable, net...............................           681,150                                 681,150
      Assets held for sale, net..............................           869,222           (869,222) (2)
      Prepaid expenses.......................................            62,222                                  62,222
      Finance lease receivables..............................           176,916                                 176,916
      Vehicles, net - rental.................................         4,148,989                               4,148,989
      Vehicles, net - leasing................................         3,053,234                               3,053,234
      Property and equipment, net............................           182,567                                 182,567
      Other assets...........................................           104,797                                 104,797
      Investment in U.K Joint Venture........................                              167,000  (3)         167,000
      Cost in excess of net assets acquired, net.............         1,240,826             31,008  (4)       1,271,834
                                                                  -----------------  ---------------      -----------------
      Total assets...........................................     $  11,058,599      $    (738,160)       $  10,320,439
                                                                  =================  ===============      =================
      LIABILITIES, PREFERRED STOCK AND
      STOCKHOLDERS' EQUITY

      Accounts payable.......................................     $     530,500      $      32,142  (5)   $     562,642
      Accrued liabilities....................................           354,160                                 354,160
      Due to affiliates, net.................................            76,659                                  76,659
      Current income tax liabilities.........................            20,012                                  20,012
      Deferred income tax liabilities, net...................           161,057            260,000  (6)         421,057
      Public liability, property damage and other insurance
        liabilities, net...........................                     257,477                                 257,477
      Vehicle debt...........................................         7,006,064            (61,137) (7)       6,944,927
      Acquisition debt.......................................         1,491,500           (991,500) (7)         500,000
      Minority interest (preferred membership interest)......            99,305                                  99,305
                                                                  -----------------  ---------------      -----------------
      Total liabilities......................................         9,996,734           (760,495)           9,236,239
                                                                  -----------------  ---------------      -----------------

      Commitments and contingencies

      Preferred stock:
       Class A Preferred stock ..............................           360,000                                 360,000
       Class B Preferred stock...............................            18,225                                  18,225
       Class C Preferred stock...............................             2,000                                   2,000
                                                                  -----------------
                                                                                                          -----------------
         Total Preferred stock...............................           380,225                                 380,225
                                                                  -----------------                       -----------------

      Common stockholders' equity:
      Class A Common stock ......................................           359                                     359
      Additional paid-in capital.............................           593,199                                 593,199
      Retained earnings......................................           223,373                                 223,373
      Accumulated other comprehensive loss...................           (31,459)            22,335  (8)          (9,124)
      Treasury stock ........................................          (103,832)                               (103,832)
                                                                  -----------------  ---------------      -----------------
      Total common stockholders' equity......................           681,640             22,335              703,975
                                                                  -----------------  ---------------      -----------------
      Total liabilities, preferred stock and common
         stockholders' equity................................     $  11,058,599      $    (738,160)       $  10,320,439
                                                                  =================  ===============      =================




See notes to the unaudited pro forma consolidated financial statements.



AVIS GROUP HOLDINGS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX  MONTHS  ENDED  JUNE 30, 2000
(In thousands, except share nd per share data)





                                                                                                              Pro Forma

                                                                    PHH                                      Avis Group
                                         Avis Group                Europe                                  Holdings, Inc.
                                        Holdings, Inc.            For the                                      For the
                                         For the Six            Six months                                Six months ended
                                        Months Ended               Ended             Pro Forma                June 30,
                                        June 30, 2000        June 30, 2000 (9)      Adjustments                 2000
                                     --------------------   --------------------  -----------------      --------------------
                                                                                             
Revenue:
  Vehicle rental..................   $       1,255,473                                                   $     1,255,473
  Vehicle leasing.................             707,158      $         (62,412)                                   644,746
   Other fee based revenue........             146,870                (73,511)                                    73,359
                                     --------------------   --------------------                         --------------------
                                             2,109,501               (135,923)                                 1,973,578
                                     --------------------   --------------------                         --------------------
Costs and expenses:
  Direct operating, net...........             456,008                            $      (2,818)   (10)          453,190
  Vehicle depreciation and lease
     charges, net.................             827,502                (20,255)                                   807,247
   Selling, general and

     administrative...............             366,275                (48,019)                                   318,256
  Interest, net...................             305,994                (30,942)          (49,918)   (11)          225,134
  Equity in net earnings of U.K
     joint venture.................                                                      (2,437)   (12)           (2,437)
  Non-vehicle depreciation

     and amortization.............              26,459                 (6,935)                                    19,524
  Amortization of cost in excess of
     net assets acquired..........              23,594                 (2,959)           (2,988)   (13)           17,647
                                     --------------------   --------------------  -----------------      --------------------
                                             2,005,832               (109,110)          (58,161)               1,838,561
                                     --------------------   --------------------  -----------------      --------------------
Income before provision for
   income taxes...................             103,669                (26,813)           58,161                  135,017
Provision for income taxes........              46,651                 (7,548)           21,517    (14)           60,620
                                     --------------------   --------------------  -----------------      --------------------


Net income........................              57,018                (19,265)           36,644                   74,397
Preferred stock dividends.........               9,335                                                             9,335

Earnings applicable to common        --------------------   --------------------  -----------------      --------------------
   stockholders...................   $          47,683      $         (19,265)    $      36,644          $        65,062
                                     ====================   ====================  =================      ====================

Earnings per share:
   Basic..........................   $           1.53                                                    $          2.09
                                     ====================                                                ====================

   Diluted........................   $           1.52                                                    $          2.08
                                     ====================                                                ====================

Basic weighted average shares
   outstanding....................          31,131,712                                                        31,131,712
                                     ====================                                                ====================


Diluted weighted average shares
   outstanding....................          31,339,247                                                        31,339,247
                                     ====================                                                ====================



See notes to the unaudited proforma consolidated financial statements.



AVIS GROUP HOLDINGS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31,1999
(In thousands, except share and per share data)





                                                                                                           Pro Forma

                                            Avis Group              PHH                                   Avis Group
                                          Holdings, Inc.        Europe for                               Holdings, Inc.
                                             For the            The period                                  For the
                                            Year ended         July 1, 1999                               Year ended
                                           December 31,       to December 31,       Pro Forma             December 31,
                                               1999              1999 (9)          Adjustments                1999
                                       -------------------  -------------------  ---------------       ------------------
                                                                                           
    Revenue:
        Vehicle rental..............   $       2,500,746                                               $      2,500,746
        Vehicle leasing.............             692,935       $    (63,118)                                    629,817
        Other fee based.............             139,046            (76,281)                                     62,765
                                       -------------------  -------------------                        ------------------
                                               3,332,727           (139,399)                                  3,193,328
                                       -------------------  -------------------                        ------------------
    Cost and expenses:
    Direct operating, net...........             957,270                          $    (2,818)  (10)            954,452
    Vehicle depreciation and lease
      charges, net..................           1,174,509            (24,211)                                  1,150,298
    Selling, general and

      administrative................             582,056            (41,840)                                    540,216
    Interest, net...................             388,193            (29,509)          (46,968)  (11)            311,716
    Equity in net earnings of U.K.
      joint venture.................                                                   (4,778)  (12)            (4,778)
    Non-vehicle depreciation and
      amortization..................              34,600             (5,473)                                     29,127
    Amortization of cost in excess
      of net assets acquired........              30,182             (3,018)           (2,988)  (13)             24,176
                                       -------------------  -------------------  -------------------   -------------------
                                               3,166,810           (104,051)          (57,552)                3,005,207
                                       -------------------  -------------------  -------------------   -------------------
    Income before provision for
      income taxes..................             165,917            (35,348)           57,552                   188,121
    Provision (benefit) for income
      taxes.........................              73,332             (4,379)           21,280   (14)             90,233
                                       -------------------  -------------------  -------------------   -------------------
    Net income......................              92,585            (30,969)           36,272                    97,888
    Preferred stock dividends.......               9,110                                                          9,110
                                       -------------------  -------------------  -------------------   -------------------
    Earnings applicable to common
      stockholders..................   $          83,475       $    (30,969)      $    36,272           $        88,778
                                       ===================  ===================  ===================   ===================

    Earnings per share:
      Basic.........................   $            2.66                                                $          2.83
                                       ===================                                             ===================

      Diluted.......................   $            2.61                                                $          2.78
                                       ===================                                             ===================

    Basic weighted average shares
      outstanding...................          31,330,536                                                     31,330,536
                                       ===================                                             ===================
    Diluted weighted average shares
      outstanding...................          31,985,569                                                     31,985,569
                                       ===================                                             ===================




See notes to the unaudited pro forma consolidated financial statements.



AVIS GROUP HOLDINGS, INC.
NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share data)





                                                                                                       
  (1)           Reclassification of PHH Europe cash to Assets Held
                    for Sale, net................................................                        $     (67,338)
                Remainder of proceeds from Transaction after debt
                    repayment and payment of Transaction cost....................                                   392
                                                                                                         ---------------
                                                                                                         $     (66,946)
                                                                                                         ===============
  (2)           To reflect contribution to the U.K Joint Venture consisting of:
                  - Assets ......................................................                        $    1,895,122
                  - Liabilities .................................................                             1,025,900
                                                                                                         ---------------
                  - Assets Held for Sale.........................................                        $      869,222
                                                                                                         ===============

  (3)           To record the Avis investment in the U.K Joint Venture...........                        $      167,000
                                                                                                         ===============

  (4)           To reflect changes in cost in excess of net assets acquired,
                net:
                Proceeds received, net of closing costs paid at closing..........                        $  (1,053,029)
                                                                                                         ---------------
                Less:
                  - Assets Held for Sale, net ...................................                               869,222
                  - PHH Europe cash reclassified to Assets Held for Sale,
                  - PHH Europe accumulated comprehensive loss
                     reclassified to Assets Held for Sale, net ..................                                22,335
                  - 20% investment in U.K. Joint Venture, retained ..............                              (167,000)
                                                                                                         ---------------
                  - Adjusted Assets Held for Sale, net ..........................                               791,895
                  - Closing and other Transaction costs .........................                                32,142
                  - Deferred income tax liability................................                               260,000
                                                                                                         ---------------
                  - Adjustment to cost in excess of net assets acquired, net                             $       31,008
                                                                                                         ===============

  (5)           Represents accruals for:
                  - Transaction costs, net of closing costs paid at closing......                        $       30,738
                  - Deferred fleet management technology income.................                                  1,404
                                                                                                         ---------------
                                                                                                         $       32,142
                                                                                                         ===============
  (6)           To record deferred income tax liability arising from
                    the receipt of $800 million in connection with the formation
                    of the U.K. Joint Venture (PHH Europe) .....................                         $      260,000
                                                                                                         ===============


  (7)           Reflects the repayment of debt with the Transaction proceeds:
                  - Pay down of the revolving credit facility ...................                        $      (61,137)
                                                                                                         ===============
                Retirement of acquisition debt:
                  - Term Loan A due June 2005....................................                        $     (242,500)
                  - Term Loan B due June 2006....................................                              (374,500)
                  - Term Loan C due June 2007 ...................................                              (374,500)
                                                                                                         ---------------
                    Total acquisition debt retired...............................                        $    (991,500)
                                                                                                         ===============

  (8)           To record reversal of accrued accumulated comprehensive loss
                    on  foreign currency translation, intercompany loans
                    and the related tax effect...................................                        $       22,335
                                                                                                         ===============


  (9)           Represents the adjustment to remove the results of operations
                    of PHH Europe for the period July 1, 1999 to December
                    31, 1999 and for the six months ended June 30, 2000.

  (10)          To record the fleet management technology fee income
                    for the period July 1, 1999 to December 31, 1999
                    and for the six months ended June 30, 2000.

  (11)          To record the interest reduction as a result of the retirement
                    of Term Loans A, B, and C totaling $991.5 million, and the
                    paydown of the revolving credit facility of $61.1 million as
                    ollows:





                                                                                                      Interest Expense

                                                                             -------------------------------------------------------
                                                                                           July 1, to                  Six months
                                                                              Average     December 31,    Average         Ended
                                                                               Rates         1999         Rates       June 30, 2000
                                                                             ---------- -------------  -----------   ---------------
                                                                                                              
                                                           Principal

                    Term Loan A                          $ 242,500              8.67%    $ 10,518          9.24%       $    11,203
                    Term Loan B                            374,500              8.94%      16,741          9.53%            17,844
                    Term Loan C                            374,500              9.19%      17,202          9.62%            18,013
                                                                                        -------------  -----------   ---------------
                                                                                           44,461                           47,060

                    Revolving Credit Facility               61,137              8.20%       2,507          9.35%             2,858
                                                         =========                      -------------                ---------------
                    Total interest adjustment                                            $ 46,968                      $    49,918
                                                                                        =============                ===============








                                                                                             July 1, 1999
                                                                                                 to                January 1,
                                                                                             December 31,          2000 to
                                                                                                1999             June 30, 2000
                                                                                            ---------------     ---------------
                                                                                                          
(12)            To record equity in net earnings of the U.K. Joint Venture as
                    follows:
                Net income for PHH Europe......................................              $   30,969          $     19,265
                                                                                            ===============     ===============
                Avis 20% equity in earnings, net of amortization of cost in
                    excess of net assets acquired..............................              $    4,778          $      2,437
                                                                                             ==============     ===============






                                                                                                June 30,
                                                                                                  2000

                                                                                             --------------
                                                                                          
(13)          To adjust for decrease in amortization of cost in excess of
                    net assets acquired. as follows:
                (i) Cost in excess of net assets acquired, net
                    a) Amount included in Assets Held for Sale................               $ (270,113)
                    b) Taxes, Transaction costs and other.....................                   31,008
                                                                                             --------------
                    Adjustment to cost in excess of net assets acquired                      $ (239,105)
                                                                                             ==============






                                                                                             July 1, to            January 1,
                                                                                             December 31,           2000 to
                                                                                                1999             June 30, 2000
                                                                                             --------------     ---------------
                                                                                                           

                (ii)Total decrease in amortization of cost in excess of net
                    assets ($239,105 / 40 years)..............................               $    2,988          $      2,988
                                                                                             ==============     ===============







  (14)         Represents the income tax effect of the pro forma adjustments.
                    as follows:
                                                                                             July 1, to           Six months
                                                                                             December 31,            ended
                                                                                                1999             June 30, 2000
                                                                                             --------------     ---------------
                                                                                                          
                Total adjustments                                                            $   57,552          $     58,161
                Less goodwill adjustments                                                        (2,988)               (2,988)
                                                                                             --------------     ---------------
                                                                                                 54,564                55,173
                                                                                             --------------     ---------------
                Tax effected at 39% federal, state and local income rate                         21,280          $     21,517
                                                                                             ==============     ===============